Bitcoin [BTC] zooms past $28k as bulls make thunderous comeback

ambcrypto.com:

Bitcoin [BTC], the largest cryptocurrency by market cap, surged past $28,000 during Sunday trading hours to post its best performance since June last year.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

As per CoinMarketCap, BTC increased its value by 25% since last week, while on a month-to-date (MTD) basis the king coin grew by 15%.

The stupendous performance came amidst the crisis induced by the collapse of big institutions like Silicon Valley Bank and Signature Bank, with more investors shifting funds into the crypto economy.

BTC’s upswing pushed global crypto market capitalization to $1.16 trillion with a marginal increase over the last day.

The sharp uptick in BTC’s price intensified discussion around the onset of the crypto market’s bull cycle. As per CryptoQuant, Bitcoin’s MVRV ratio hit 1.405 at press time. Generally, when the ratio is above 1 and below 3.7 (overvalued market), it signals a bull market phase.

CryptoQuant analyst Saad4h stated that historically, when the MVRV ratio reached this value, it was always followed by at least a 50% increase in the price of BTC.

Source: CryptoQuant

Another important metric to consider was the Long/Short Liquidations. The total number of short liquidations swelled to about $366 million over the last week, as per Coinglass.

This trend is very similar to the one seen at the start of 2023 when BTC made a sharp move upward after the lows of post-FTX crisis.

Source: Coinglass

Furthermore, the proportion of Bitcoin’s circulating supply that is held in profit soared to over 70%, well over its 365-day moving average. A value of 90% or more was seen to have occurred during market tops.

Hence, it implied that the bullish cycle can continue for good without triggering an intense sell-off.

Sourc